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Payment Consent Form for Hong Kong

Payment Consent Form Template for Hong Kong

A Payment Consent Form under Hong Kong law is a formal document that authorizes specific payment arrangements between parties. It complies with Hong Kong's Payment Systems and Stored Value Facilities Ordinance (Cap. 584) and Personal Data (Privacy) Ordinance (Cap. 486), providing legal authorization for regular or one-time payment transactions. The document includes detailed information about the payor and payee, specific payment terms, bank account details, and necessary authorizations, while incorporating required data privacy provisions and consumer protection elements as mandated by Hong Kong regulations.

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What is a Payment Consent Form?

A Payment Consent Form is a critical document used in Hong Kong to establish and authorize payment arrangements between parties. It is commonly used for setting up regular payments, direct debits, or authorizing specific payment terms between businesses and individuals or between organizations. The form must comply with Hong Kong's financial regulations, particularly the Payment Systems and Stored Value Facilities Ordinance and data privacy laws. This document is essential for businesses operating in Hong Kong that need to process regular payments or establish payment arrangements with customers, employees, or other entities. The Payment Consent Form typically includes comprehensive details about the payment arrangement, banking information, authorization statements, and necessary data protection provisions to ensure full regulatory compliance.

What sections should be included in a Payment Consent Form?

1. Payor Details: Full identification details of the person/entity giving payment consent

2. Payee Details: Full identification details of the person/entity receiving the payments

3. Payment Details: Specific details of the payment arrangement including amount, frequency, and duration

4. Bank Account Information: Details of the relevant bank accounts for processing the payments

5. Authorization Statement: Clear statement of consent for payment processing and authorization

6. Data Privacy Statement: Statement regarding the collection and use of personal data in accordance with PDPO

7. Execution: Signature blocks and date of execution

What sections are optional to include in a Payment Consent Form?

1. Direct Debit Authorization: Additional authorization specific to direct debit arrangements, required when setting up recurring payments through direct debit

2. Third Party Authorization: Required when payment consent is given on behalf of another party

3. Change/Cancellation Procedures: Details of how to modify or terminate the payment arrangement, recommended for recurring payments

4. Foreign Currency Provisions: Required when payments involve foreign currency transactions

5. Electronic Payment Consent: Additional provisions when consent is given electronically

What schedules should be included in a Payment Consent Form?

1. Schedule 1 - Payment Schedule: Detailed breakdown of payment dates, amounts, and frequencies if involving multiple or recurring payments

2. Schedule 2 - Bank Account Details: Detailed banking information including branch codes, account numbers, and SWIFT codes if required

3. Appendix A - Supporting Documents: List of required supporting documents such as ID copies or company authorization documents

4. Appendix B - Terms and Conditions: Standard terms and conditions relating to the payment arrangement

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Hong Kong

Publisher

Ƶ

Document Type

Agreement Contract

Cost

Free to use
Relevant legal definitions






























Clauses




















Relevant Industries

Banking & Financial Services

Insurance

Real Estate

Retail

Utilities

Healthcare

Education

Professional Services

Investment Management

Technology & Payment Services

Relevant Teams

Finance

Legal

Compliance

Operations

Treasury

Accounts Receivable

Accounts Payable

Customer Service

Risk Management

Payment Operations

Relevant Roles

Finance Manager

Compliance Officer

Legal Counsel

Accounts Receivable Manager

Accounts Payable Manager

Treasury Manager

Banking Relations Manager

Financial Controller

Company Secretary

Operations Manager

Customer Service Manager

Risk Management Officer

Payment Operations Specialist

Credit Control Manager

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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